Saturday, June 2, 2018

The good innovation can leap the business to the next level of prosperity, and the bad innovation can fail the business in a fatal way.

Digital is the age of innovation. And innovation is what leads to differentiation. There are many ways to differentiate and, therefore, there are many ways to pursue innovation. Digital Master refers to those high-performing, highly innovative and high-mature (less than 15%) digital organizations; at the individual level, Digital Masters are those cross-generational digital professionals who are equipped with the advanced digital minds and build a unique set of digital capabilities. Talking about innovation is not new nowadays, everybody, every organization now is talking about innovation. It's been at or near the top of the business or economics agenda for a long time. However, there are a lot of confusions about innovation and there is no magic sauce to guarantee its success. Innovation is not serendipity, but a discipline

The Multifaceted Digital Innovation

The Multidimensional Digital Innovation?There is no doubt innovation is becoming more important whereas technology becomes more advanced. Innovation is an exploration, production, adoption, assimilation, and exploitation of value-added novelty in business, economic and social spheres. Innovation is the core activity of human evolution of changing the environment to reach performance for profit, for saving of resources, for the satisfaction of customers, for expediting collective human progress. Here are the multidimensional aspects of digital innovation.

Take an Evolutionary Approach to Manage InnovationAt the static industrial age, most organizations are focusing on improving margins by reducing the bottom-line cost rather than the top-line growth. For those organizations, innovations are still serendipitous. However, with increasing speed of changes and continuous digital disruptions, businesses today face fiery competitions and rapid digital shift either technologically or economically, innovation is no longer “nice to have,” but must have differentiated business capability. So, serendipity can be planned into innovation management. Forward-looking organizations take an evolutionary approach to manage innovation in a structural way.

Three Innovation Management Approaches?Digital era opens the new chapter of innovation. Today, at the hyper-connected digital ecosystem, innovation can happen anywhere, anytime, it expands both horizontally and vertically. Innovation comes in many flavors and there are many opportunities in an enterprise to do so, such as breakthrough innovation, evolutionary innovation, incremental innovation, systematic innovation, customer-centric innovation, open innovation, design-driven innovation, or management (leadership, culture, communication) innovation, etc. There is no one-size fits all formula to manage all sorts of innovations well. But innovation shouldn’t be just serendipitous as well. Here are three management approaches to improve the innovation management success rate in the digital era.

Good Innovation, Bad Innovation: How to Discern It Innovation is the light every business is pursuing, and there is no surprise that the average success rate of Innovation Management is very low. The good innovation can leap the business to the next level of prosperity, and the bad innovation can fail the business in a fatal way. So how to set the criteria, make a clear discernment, and manage innovation more effectively?

The Multifaceted Creativity Creativity is the most needed skill in the 21st century because digital is the era of innovation. Creativity is both innate and a skill. Developing creativity requires both internal motivation and self-awareness. Being original and being yourself is the first step, breaking down the convention thinking box, and practicing out-of-the-box thinking is one of the mental activities to stimulate creativity as well. Here is the further understanding of the multifaceted creativity.

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